Capital One Platinum MasterCard Review

Would you describe you creditworthiness as excellent? Good or perhaps only fair? The wonderful thing about Capital One® is that they have a variety of credit card options, specifically designed for different levels of credit.

So, who should apply for a Capital One Platinum MasterCard vs. one of their other cards? This review will help you understand if this card is a fit for your current credit quality.

The Platinum Credit Card from Capital One advertises its self as being for consumers with average credit. As a result, it doesn’t offer rewards

Capital One PlatinumCapital One® Platinum Credit Card

  • Annual Fee: $0
  • Interest Rate: Check terms
  • Balance transfers: No balance-transfer fee. Check terms for APR on transferred balances.
  • Benefits: This card comes with MasterCard Platinum-tier benefits, including extended warranty, travel accident insurance, secondary auto rental coverage and price protection.
  • Credit Requirements: Average/Fair/Limited
  • Honest Feedback: If your credit isn’t the best, but it’s not downright bad, then this is a good choice because you will be getting platinum-tier benefits with a very reasonable annual fee. The negative is that the APR is higher, but that’s because it’s geared towards “fair” credit instead of “excellent.” credit, so that’s to be expected
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So, that’s a high level assessment of the offer, but let’s get down to brass tacks about it advantages – and possible disadvantages.

The advantages

  • No foreign transaction fees: Some cards hit unsuspecting customers with fees for purchases made outside the U.S. and with foreign merchants (usually a 2-3% surcharge). None of Capital One’s cards charge this.
  • Extended warranty program: For eligible purchases that come with an original manufacturer’s (or U.S. store brand) warranty, this benefit will mirror that coverage for the same amount of time, up to 1 extra year. So let’s say you used your Capital One Platinum card to make a qualifying purchase that had a 6 month warranty. Through this extended warranty program, you would have an additional 6 months of coverage. When your card arrives make sure you read the benefits guide that comes with it, so you understand the rules surrounding this program.
  • MasterRental Insurance: This is MasterCard’s vehicle rental insurance program. Coverage for accidental damage and vehicle theft is provided on eligible rentals of 15 consecutive days or less which are fully paid for using your Platinum MasterCard. To use this benefit, you will have to decline the collision damage waiver from the rental company.
  • Automatic travel accident insurance: This applies during licensed common carrier travel (such as being a passenger on an airline) if you paid for the full cost using your Capital One Platinum credit card. MasterCard’s insurance provider offers up to $100,000 in coverage in the event of a travel accident which causes loss of life, limb, hearing, sight or speech while riding as a passenger.

The potential disadvantages

  • Platinum APR: The rate on the standard Platinum is on the high side. But given that it’s for fair credit, it’s understandable. Of course, if you never carry a balance, then you won’t have to worry anyway.
  • No rewards program: Perhaps the most notable drawback is that these Capital One Platinum MasterCard does not offer a rewards program. While that may seem like a bad trait, it’s actually understandable when you consider that the card is designed for those with lower credit scores. Credit card rewards can actually be detrimental to someone who needs to focus on paying off their balance because they also induce people to spend more money than they ordinarily would. Simply put, the Capital One Platinum is not aimed at the reward seekers with excellent credit who never carry a balance – if that describes you, then check out the Venture card.
  • Or shop offers from other issuers, based on your credit type:


  • Bad credit probably won’t qualify you: If you have poor credit and are looking to rebuild, then you might need to start with a secured card (or another card for poor credit) instead.

Find out more

This review was written or last updated May 2017

 
Comments
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Applied for one after bankruptcy (a year after) and received a $1,200 limit. After paying more than the minimum due for 6 months limit was raised to $4,200. Seems like a good card to get restarted.

Approved with 550 score! With student debt of $49,900 currently deferrment, (thanks medical school!), and thousands in medical bills over the years sent to collections, and one Dish bill I have disputed for over a year, I had little hopes of receiving any card. My only advantages were: my income is sufficient, had lived at the same address for 15 years, with one paid off co-signed loan in the last two years (that loan still had several delinquent reports on it due to a family dispute with the cosigner not making payments while I was hospitalized). I was about to cave and accept a secured card offer, but I had googled the infamous “shopping cart trick”, but didn’t think that would even work and didn’t want to risk a hard pull or even a soft pull. I applied for the Capital One Platinum and was floored to be approved for a $300 limit 3 weeks before Christmas 2016. I read Comenity Bank was the best bet for poor to fair credit, and tried for their cards. I actually had the shopping cart trick work on Victoria’s Secret for $250 the same week I was approved for CapOne Platinum. I have been studying furiously on utilization and other ways to ensure this second chance is not wasted. I did charge quite a lot on the cards for this Christmas but paid them before the first statement even was released. As a soon to be single mom, credit is dire. I appreciate the second chance from Capital One/Victoria’s Secret (that can be used at Bath & Body Works too!)…I hope I am well on my way to rebuilding my life. Never give up!

Dismissed bk Jan of 2016 score 590 $300 limit ????????

Got approved for a Platinum card but did not tell me what the limit is.

I have bad credit and still received a card with $300 limt

Just got approved today with a 300 credit limit. Filed chapter 7 bankruptcy and was discharged in July 2015. I was sent a preapproved letter firsto and then applied and was approved 🙂

My credit score is 650ish and was approved for credit limit of $1,000. This is my first credit card. I am waiting to receive mine.

This is a great credit building card I had a 540 when I got approved for $300 limit I always paid it off each month now less than a year later I have a $1300 credit limit and my score is 680 now

Just got mine today with a 500.00 limit 630 score

Im a year out of filing chapter 7 bk and I was approved with a 3k credit limit.

I’m applying for the master card

luke schilling

just apply for a capital one platinum master card

My card should arrive in the mail any day now, my credit score is poor, but I received a $3000 limit, unsecured. I have a tax line and collections on my credit report, but perfect history for my discover card payment and all credit cards historically have been paid off in full. Good luck for anyone looking to rebuild their credit, this might be a good unsecured credit card option for you…

Meant to say tax lien

I started w/ $300 limit- after 2 yrs it went to $500. The limit stalled at $500 & today requested an increase. High wage-earner w/ ok credit. We”ll see where we end up. 15% APR- too high for me.

I have the journey card and the platinum always they have helped build my credit and the payments are reasonable very satisfied with capital one

Got mine last week. I consider it a good deal, no annual fee, period! And, a nice start off with $500 limit.

I like the notion of there being no foreign transaction fee, even though I won’t be traveling internationally anytime soon.

My limit was 2k. It just depends.

How much do the card start out with?

Just got mine today with a 300.00 limit

Mine started at 500, but I’ve read in other cc forums that it can vary from 300 up to 1k.